About this number
Normalized PSF uses Bala's Table - the Singapore Land Authority differential premium reference for valuing leasehold against freehold. Bala values a fresh 99-year lease at 96% of freehold; the curve drops non-linearly, reaching ~75% at 50 years remaining and ~60% at 30 years.
Below 40 years remaining we stop normalizing because the curve diverges from market reality once CPF withdrawal restrictions and bank LTV cliffs dominate.
A separate 5% adjustment applies to projects whose lease commenced before 2023, reflecting the older strata-area measurement convention (which counted air-con ledges and bay windows).
Source: Singapore Land Authority differential premium reference (Bala's Table).
Transaction prices per square foot
| Project | Dist | Region | Bed | Floor | Area | Price | PSF | 99yr Norm | Date | Type |
|---|---|---|---|---|---|---|---|---|---|---|
| PENROSE | 14 | RCR | 2 | 06-10 | 646 | $1,325,000 | $2,052 | $2,274 | Mar 2026 | Sub Sale |
| PENROSE | 14 | RCR | 1 | 06-10 | 484 | $970,000 | $2,003 | $2,219 | Mar 2026 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 06-10 | 1,098 | $2,468,888 | $2,249 | $2,492 | Feb 2026 | Sub Sale |
| PENROSE | 14 | RCR | 4 | 16-20 | 1,389 | $3,180,000 | $2,290 | $2,537 | Jan 2026 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 01-05 | 1,173 | $2,538,888 | $2,164 | $2,398 | Jan 2026 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 16-20 | 958 | $2,170,000 | $2,265 | $2,510 | Jan 2026 | Sub Sale |
| PENROSE | 14 | RCR | 2 | 06-10 | 646 | $1,326,000 | $2,053 | $2,275 | Jan 2026 | Sub Sale |
| PENROSE | 14 | RCR | 2 | 11-15 | 807 | $1,800,000 | $2,230 | $2,471 | Dec 2025 | Sub Sale |
| PENROSE | 14 | RCR | 2 | 11-15 | 646 | $1,330,000 | $2,059 | $2,281 | Dec 2025 | Sub Sale |
| PENROSE | 14 | RCR | 2 | 11-15 | 646 | $1,310,000 | $2,028 | $2,247 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 06-10 | 1,044 | $2,400,000 | $2,299 | $2,547 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 1 | 16-20 | 484 | $1,010,888 | $2,087 | $2,312 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 16-20 | 958 | $2,080,000 | $2,171 | $2,406 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 4 | 11-15 | 1,399 | $2,950,000 | $2,108 | $2,336 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 4 | 01-05 | 1,399 | $3,045,000 | $2,176 | $2,411 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 1 | 01-05 | 495 | $968,000 | $1,955 | $2,166 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 11-15 | 958 | $2,150,000 | $2,244 | $2,486 | Nov 2025 | Sub Sale |
| PENROSE | 14 | RCR | 2 | 11-15 | 646 | $1,330,000 | $2,059 | $2,281 | Oct 2025 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 01-05 | 1,066 | $2,388,888 | $2,242 | $2,484 | Oct 2025 | Sub Sale |
| PENROSE | 14 | RCR | 3 | 01-05 | 1,173 | $2,520,000 | $2,148 | $2,380 | Oct 2025 | Sub Sale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.